I'll take a shot at posting a journal of a very simple system that I'm trading. (trading e-mini SP's - should work on NQ's also)
Here are my goals for a system:
1. Make a consistent profit.
2. Rules that are repeatable. I don't want to have to think too much while trading. That always gets me in trouble.
3. Doesn't require me to remain in the market with an open position for for than a few minutes if possible. So I guess by definition this will be a "scalping" system.
4. Doesn't require me to be glued to the PC, waiting for signals, interpreting signals, and making decisions. I want to be able to walk away at any time and come back later and not feel like I don't have a feeling for what is going on.
Here is the system:
1. Use a minute bar chart
2. Trades will be entered only at specific times - they will be entered at the opening price of the following bars after the open - 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377. So, on a normal 9:30 open, trades would take place at 9:33, 9:35, 9:38, 9:43, 9:51, 10:04, 10:25, 10:59, 11:54, 13:23, and 15:47.
3. Use any indicator you like to decide if you will go long or short - doesn't really matter - I use stochastics. Almost anything will work - even something as simple as going in the direction of the previous bar.
4. Once you are filled at the opening price of the bar, enter a limit order to close your position +1.
5. Enter a stop at -1.25. You can reverse at the stop and enter a limit order to close that position at +1.25, leaving you at B/E for that bar's trade (less commish of course).
That's about it. I'll post today's results in a separate post.
Here are my goals for a system:
1. Make a consistent profit.
2. Rules that are repeatable. I don't want to have to think too much while trading. That always gets me in trouble.
3. Doesn't require me to remain in the market with an open position for for than a few minutes if possible. So I guess by definition this will be a "scalping" system.
4. Doesn't require me to be glued to the PC, waiting for signals, interpreting signals, and making decisions. I want to be able to walk away at any time and come back later and not feel like I don't have a feeling for what is going on.
Here is the system:
1. Use a minute bar chart
2. Trades will be entered only at specific times - they will be entered at the opening price of the following bars after the open - 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377. So, on a normal 9:30 open, trades would take place at 9:33, 9:35, 9:38, 9:43, 9:51, 10:04, 10:25, 10:59, 11:54, 13:23, and 15:47.
3. Use any indicator you like to decide if you will go long or short - doesn't really matter - I use stochastics. Almost anything will work - even something as simple as going in the direction of the previous bar.
4. Once you are filled at the opening price of the bar, enter a limit order to close your position +1.
5. Enter a stop at -1.25. You can reverse at the stop and enter a limit order to close that position at +1.25, leaving you at B/E for that bar's trade (less commish of course).
That's about it. I'll post today's results in a separate post.
